17/12/2020 - 15:00

New tenants on the terrace

17/12/2020 - 15:00

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Laing O’Rourke, Verse Group and landscape architect Aspect Studio are among the latest businesses to shift to new offices along St Georges Terrace.

A speculative fitout strategy at 109 St Georges Terrace has driven more than 6,000 square metres of leasing activity over the past two years. Photo: CBRE

Laing O'Rourke, Verse Group and landscape architect Aspect Studio are among the latest businesses to shift to new offices along St Georges Terrace.

International engineering firm Laing O’Rourke has leased a 825 square metre space on the 13th floor of 197 St Georges Terrace, with Aspect Studio securing a five-year lease for a 209sqm speculative fitout on level 9.

CBRE agent James Phelan and GDI Property Group leasing consultant John Byrne brokered both transactions.

Mr Byrne said the building’s amenity and location were key factors attracting tenants.  

“197 St Georges Terrace is one of Perth’s best core A-grade office towers located on the corner of St Georges Terrace and Mill Street,” Mr Byrne said.

“The building has a variety of excellent tenant amenity with river views from mid to high rise of the building.”

Mr Phelan said quality speculative fitouts had been successful in attracting prospective tenants.

“In the current market, nine times out of 10, tenants are looking for the ease of fitted space that allows them to ‘plug in and play’ immediately – without the hassle of building a fitout,” Mr Phelan said.  

“There are a lot of new full floor fitout options available in Perth’s A-grade CBD market, however, the point of difference for 197 St Georges Terrace is the quality of its contemporary fitouts that offer sit-to-stand desks, feature ceilings and video conferencing rooms.

“These features were particularly attractive to Aspect Studio, which was seeking a higher quality collaborative space having relocated from a serviced office.”

A speculative fitout strategy at 109 St Georges Terrace has also proven successful, resulting in more than 6,000 square metres of leasing activity over the past two years.

Employment agency Verse Group struck the latest deal, shifting to a 375sqm speculative fitout on level nine of the building.

The three-year lease represents a rental of $450 per sqm.

Other new tenants at 109 St Georges Terrace include the Institute of Fitness, Avid Resources, First State Super, WA Insolvency, Covelant Lithium, Calytrix, Imperium Engineering and Integrity Staffing.

Mr Phelan negotiated the Verse Group deal and said speculative fitouts at the building had been a major drawcard with the building also completing a refurbishment of the lobby and of end of trip facilities in mid-2019.

 

Other property deals over the past fortnight…

 

Activate Perth one to watch as it fills another space

Watchmaking business Geneva Blue is the latest business to be placed in a tenancy via Activate Perth’s Fill This Space program, which fills empty places with creatives, startups and entrepreneurs.

Geneva Blue has opened ‘Time Limited’ in Shop 4 in the city’s London Court.  Activate Perth has placed 22 tenants during 2019 and 2020, with five converting to rolling agreements.

 

Healthcare fund’s $22.9m play for Rockingham med facility

ASX-listed Elanor Investors Group’s healthcare fund has purchased a multi-tenanted medical facility at 2 Civic Boulevard Rockingham.

The three-level property, comprising 2,986 square metres of net lettable area, is fully leased to ICON Cancer Centre and Q-Scan Radiology, with a weighted average lease expiry of 7.1 years.

The $22.9 million acquisition reflects a 5.75 per cent capitalisation rate.

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